Math Problem Statement

Find the​ (a) mean,​ (b) median,​ (c) mode, and​ (d) midrange for the data and then​ (e) answer the given questions. Listed below are the highest amounts of net worth​ (in millions of​ dollars) of all celebrities. What do the results tell us about the population of all​ celebrities? Based on the nature of the​ amounts, what can be inferred about their​ precision? 230    190    175    170    165    165    150    150    150    150 Question content area bottom Part 1 a. Find the mean. The mean is ​$    169.5 million. ​(Type an integer or a decimal rounded to one decimal place as​ needed.) Part 2 b. Find the median. The median is ​$    165 million. ​(Type an integer or a decimal rounded to one decimal place as​ needed.) Part 3 c. Find the mode. Select the correct choice below​ and, if​ necessary, fill in the answer box to complete your choice. A. The​ mode(s) is(are) ​$    150 million. ​(Type an integer or a decimal. Do not round. Use a comma to separate answers as​ needed.) Your answer is correct.B. There is no mode. Part 4 d. Find the midrange. The midrange is ​$    190 million. ​(Type an integer or a decimal rounded to one decimal place as​ needed.) Part 5 e. What do the results tell us about the population of all​ celebrities? A. The results tell us that the most common celebrity net worth is the​ mode, but all other celebrities are expected to have net worths approximately equal to the​ mean, median, or midrange. B. The results tell us that all celebrities are expected to have amounts of net worth approximately equal to one of the measures of center found in parts​ (a) through​ (d). Your answer is not correct.C. Apart from the fact that all other celebrities have amounts of net worth lower than those​ given, nothing meaningful can be known about the population. This is the correct answer.D. Apart from the fact that all other celebrities have amounts of net worth lower than those​ given, the results in parts​ (a), (b), and​ (d) do not given meaningful results.​ However, the result from part​ (c) shows that the most common celebrity net worth is equal to the mode. Part 6 Based on the nature of the​ amounts, what can be inferred about their​ precision? A. Since celebrity information is​ public, these values can be assumed to be unrounded. B. The values all end in 0 or​ 5, so they appear to be rounded estimates. C. The values are all whole​ numbers, so they appear to be accurate to the nearest whole number. D. Since no information is​ given, nothing can be said about the precision of the given values.

Solution

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Math Problem Analysis

Mathematical Concepts

Measures of central tendency
Mean
Median
Mode
Midrange

Formulas

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Theorems

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Suitable Grade Level

Grades 9-12